Pine City, Minnesota Property Taxes
The median property tax rate in Pine City, MN is 0.79%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pine City, the typical annual property tax bill reaches $1,888, falling below the national median of $2,690. Property taxes in Pine City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pine City’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pine City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pine City, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Pine City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pine City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pine City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pine City, Minnesota
Property taxes in Pine City, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pine City is 0.79%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Pine City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pine City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Pine City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55063 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Pine City provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pine City Tax Rate
0.79%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pine City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55063 | 0.55% | 0.71% | 0.79% | 0.94% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Pine City, Minnesota
In Pine City, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Pine City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, in the 55063 zip code, the median tax bill is $1888, reflecting the local property market and assessment practices. Being aware of these valuation processes in Pine City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pine City Assessed Value
$224,900
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pine City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55063 | $20,960 | $93,375 | $224,900 | $351,650 | $494,000 |
Source: Ownwell
Property Tax Bills Across Pine City, Minnesota
In Pine City, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median home price in Pine City is $224,900. Homeowners in this area can expect a wide range of tax bills depending on the specific value and characteristics of their property. The tax bill can vary significantly, with the 25th percentile at $762 and the 75th percentile at $2,892, showing a broad spectrum of what homeowners might pay. At the higher end, the 90th percentile tax bill reaches up to $3,910. The highest and lowest median tax bills in Pine City are both recorded at $1,888, indicating a level of consistency within certain zip codes. These property taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting homeowners by contributing to the community's overall quality of life.
Average Pine City Tax Bill
$1,888
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pine City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55063 | $208 | $762 | $1,888 | $2,892 | $3,910 |
Source: Ownwell